• ITVI.USA
    16,350.840
    -55.350
    -0.3%
  • OTLT.USA
    2.731
    0.025
    0.9%
  • OTRI.USA
    21.660
    -0.160
    -0.7%
  • OTVI.USA
    16,343.200
    -45.660
    -0.3%
  • TSTOPVRPM.ATLPHL
    3.520
    0.380
    12.1%
  • TSTOPVRPM.CHIATL
    2.960
    -0.660
    -18.2%
  • TSTOPVRPM.DALLAX
    1.610
    0.250
    18.4%
  • TSTOPVRPM.LAXDAL
    3.340
    -0.130
    -3.7%
  • TSTOPVRPM.PHLCHI
    2.100
    -0.250
    -10.6%
  • TSTOPVRPM.LAXSEA
    3.860
    -0.220
    -5.4%
  • WAIT.USA
    126.000
    -2.000
    -1.6%
  • ITVI.USA
    16,350.840
    -55.350
    -0.3%
  • OTLT.USA
    2.731
    0.025
    0.9%
  • OTRI.USA
    21.660
    -0.160
    -0.7%
  • OTVI.USA
    16,343.200
    -45.660
    -0.3%
  • TSTOPVRPM.ATLPHL
    3.520
    0.380
    12.1%
  • TSTOPVRPM.CHIATL
    2.960
    -0.660
    -18.2%
  • TSTOPVRPM.DALLAX
    1.610
    0.250
    18.4%
  • TSTOPVRPM.LAXDAL
    3.340
    -0.130
    -3.7%
  • TSTOPVRPM.PHLCHI
    2.100
    -0.250
    -10.6%
  • TSTOPVRPM.LAXSEA
    3.860
    -0.220
    -5.4%
  • WAIT.USA
    126.000
    -2.000
    -1.6%
Company earningsLess than TruckloadNewsTop StoriesTrucking

Saia’s momentum carries into 3rd quarter

Industrial economy continues to step higher

Less-than-truckload carrier Saia reported year-over-year tonnage increases for the first two months of the third quarter on Friday.

The Johns Creek, Georgia-based carrier saw tonnage increase 12.6% year-over-year in July (shipments +3.4%, weight per shipment +9%) and 9.9% in August (shipments +1.9%, weight per shipment +7.9%). The increases compare to a 2.7% tonnage decline in July 2020 followed by a 0.5% increase in August as parts of the economy were still coming back online.

Saia (NASDAQ: SAIA) reported record results during the second quarter with tonnage climbing 23% year-over-year and revenue per hundredweight up 6% excluding fuel surcharges.

The company doesn’t provide revenue or pricing metrics in its intraquarter update, but the industry continues to see rates move higher.

Chart: (SONAR: LCWTF.USA) To learn more about FreightWaves SONAR, click here.

Demand throughout the trucking sector remains high and the LTL carriers have seen freight pour in from multiple directions. The mode is experiencing a surge in e-commerce-related parcel shipments as more consumers buy from home. Also, heavier spillover freight that would normally move via full truckload but can’t because of capacity constraints is flooding into LTL networks..

The industrial economy, which accounts for as much as 80% of freight shipments for some LTL carriers, continues to step higher as well.

A Wednesday report showed the Manufacturing Purchasing Managers’ Index was up 40 basis points in August to 59.9%. A reading above 50% indicates the manufacturing sector is expanding. Historically, LTL shipments lag the data set by three months.

July industrial production was up 0.9% sequentially, 6.6% higher year-over-year. The index is now only 0.2% below pre-pandemic levels.

Addressing the surge in demand on its second-quarter earnings call, management from Saia (NASDAQ: SAIA) said they plan on adding up to seven service centers this year. The company plans to add 10 to 15 terminals a year moving forward as the competitive dynamics in the consolidated LTL sector remain favorable.

Saia has opened two terminals this year.

In May, the company embarked on an ambitious hiring plan as other carriers have. The recent hiring blitz called for the addition of 500 Class A CDL drivers and 300 dockworkers.

Click for more FreightWaves articles by Todd Maiden.

Todd Maiden

Based in Richmond, VA, Todd is the finance editor at FreightWaves. Prior to joining FreightWaves, he covered the TLs, LTLs, railroads and brokers for RBC Capital Markets and BB&T Capital Markets. Todd began his career in banking and finance before moving over to transportation equity research where he provided stock recommendations for publicly traded transportation companies.

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